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Donal Lying Drump is not a rich guy. Only 2 banks (1 outside of America) would lend him $ b/c he was such a risk & owed $ up the wazoo. Ivanka was on the board of 1 (Signature). Now, Deutsche Bank is going to call in their loans, which he uses to pay off others. He bankrupted at least 10 businesses, including: water, steaks, casinos, airline, university (which turned out to be fraudulent) etc. I think people thought he had was a sagacious, strong businessman b/c of that reality show which was just a tv set w/ flimsy wood paneled walls. He usually just sold his name/his brand anyway & that sometimes didn't turn out well for people who invested in condos, like the one in CA where so many people lost their $. Now, people will finally know that he was just using dad's $ until he needed more & just couldn't pay back his loans & was just "Borrowing from Peter to Pay Paul". Thank God, the PGA Championship cancelled their gig at his Bedminster course. Finally, his fraud has caught up with him. He's just an incompetent who is trying to create a cult like Huey P. Long, Adolf Hitler & Joe McCarthy. Bye Bye, Donnie.
THE NUTS FOOTBALL PICKS GROUP ID# 32034
https://football.fantasysports.yahoo.com/pickem/32034?ng=1&b=rprivg
ALL READ.....THIS WILL help make things CLEARER...have a BLEEPIN heart....I am Melissas BIGGEST critic, but this time here in the NY/NJ area BLOWS...let me repeat that F-IN BLOWS....
Quote:
-----Original Message-----
From: Melissa
To:
Sent: Fri, May 29, 2020 6:54 pm
Subject: Re:URGENT: Friendly Reminder Team
Frank,
Unfortunately, we are in the Epicenter of the Covid 19 crisis. Our auditors are locally here in NY and are as backlogged as can be. Our financials are filed, we are just waiting as are a lot of other NY companies. That being said, nothing with our business has changed. The company is open and operationally sound. The Sales of our Test Kits both domestically and globally have not changed and are very very robust. We apologize for this, but it is truly out of our control during these uncertain times.
The 8-K indicated what was causing the delay (or as your email indicates the “problem”). There are still documents and information that need to be verified by the auditors before they will issue their report on the financials. If there were other “problems” there are specific required disclosures the Company would need to make in the 8-K . In fact, 8-Ks have a specific section related to “Matters related to accountants and financial statements” (Section 4 of Form 8-K).
Ahas limited resources; especially related to management personnel. A management has been intimately involved in the sales and marketing of the Covid-19 tests due to the increased scrutiny of Covid-19 marketing as well actions the Company has needed to take to comply with NYS requirements to keep operating our DOA and contract manufacturing business. Periodic reports (like the 10-K and 10-Q) also require a substantial amount of management involvement. Management’s involvement in the Covid related activities has diverted management resources from the filing.
You are correct that ABMC does not have an overly complicated balance sheet. While there are some reduced disclosure levels afforded to smaller reporting companies by the SEC, regardless of the level of complication of the financials, every financial aspect of the business is audited under the same accounting principles (US GAAP). Because of this, specific tasks need to be completed by the Company and its independent registered public accounting firm before the final report can be issued. A (along with our auditors) are very close but, without those verifications, the auditors cannot complete their audit and issue the report.
As indicated in the 8-K, we do intend to file our 10-K as soon as practicable once this information and documents are compiled and verified.
Thank you,
Melissa A.
CEO & Director / American
(800) 227-1243 or (518) 758-8158, Extension 107
mdwaterhouse@
Visit us on the web at www.abmc.com
cid:233510914@27062017-34D3 fb icon
Your opinion matters to us. Let us know how we are doing at www.abmc.com/survey
This communication may contain information that is privileged and confidential. If you are not the intended recipient of this communication, please inform the sender by responding immediately and deleting this communication from your system. Any unauthorized copying or dissemination of this communication is strictly prohibited.
From:
Sent: Friday, May 29, 2020 5:45 PM
To: Melissa Waterhouse
Subject: [SPAM] - Re: RE: Re: : URGENT: Friendly Reminder ABMC Team - - Found word(s) $$$ in the Text body
Melissa
You have to be kidding me here????
If you were doing 100 M 500M etc in sales w a complicated balance sheet...maybe... possibly I would understand...but this is ridiculous to the highest degree...
What the ___ is the REAL problem?
Thanks in advance
https://secfilings.nasdaq.com/filingFrameset.asp?FilingID=14188339&RcvdDate=5/29/2020&CoName=%20BIO%20MEDICA%20CORP&FormType=8-K/A&View=html
--
Sent from myMail for Android
Friday, 29 May 2020, 03:04PM -04:00 from Melissa
ARTX Arotech Training and Simulation Division’s MILO Range Training Systems Receives $1.6M in Awards From U.S. Pacific Air Forces ANN ARBOR, Mich., Aug. 27, 2018 (GLOBE NEWSWIRE) -- MILO Range Training Systems, a unit of Arotech Corporation’s [NasdaqGM: ARTX] Training and Simulation Division, announced that it has received new awards totaling $1.6M from the U.S. Pacific Air Forces (PACAF). The orders procure MILO Range Theater 180 systems to train U.S. Air Force Security Forces at locations within the Pacific region. The awards from Defenses Logistics Agency, through ADS, Inc., are scheduled to be delivered prior to the end of 2018 and include extended product support through 2023.
MILO Range Theater 180 systems provide an immersive training environment with enhanced field of view allowing trainees to practice proper tactics to respond to numerous threats from multiple directions. U.S. Air Force Security Forces are responsible for missile security, defending air bases around the globe, law enforcement on those bases, combat arms, and handling military working dogs. All aspects of the Security Forces mission are able to be trained using the MILO Range systems. PACAF is one of nine U.S. Air Force major commands and the air component of U.S. Pacific Command. The command has approximately 46,000 military and civilian personnel serving in nine strategic locations and numerous smaller facilities, primarily in Hawaii, Alaska, Japan, Guam and the Republic of Korea.
“We are very pleased the U.S. Pacific Air Forces has selected the MILO Range Theater systems to maintain the readiness of their security forces. Once customers have a chance to see the MILO Range systems and evaluate them vs. other offerings, the choice is clear. Our training content is unmatched and our reliability and support capabilities continue to lead the industry,” said Robert McCue, MILO Range General Manager. “It is a tremendous honor knowing that the PACAF Security Forces will be using our system’s extensive set of features to train their personnel, increase tactical proficiency, rejuvenate the defender, and help fulfill their mission to protect those who protect our nation.”
About Arotech’s Training and Simulation Division
Arotech’s Training and Simulation Division (ATSD) provides world-class simulation based solutions. ATSD develops, manufactures, and markets advanced high-tech multimedia and interactive digital solutions for engineering, use-of-force, and operator training simulations for military, law enforcement, security, municipal and private industry personnel. The division’s fully interactive operator training systems feature state-of-the-art vehicle simulator technology enabling training in situation awareness, risk analysis and decision-making, emergency reaction and avoidance procedures, conscientious equipment operation, and crew coordination. The division’s use-of-force training products and services allow organizations to train their personnel in safe, productive, and realistic environments. The division supplies pilot decision-making support software for the F-15, F-16, F-18, F-22, and F-35 aircraft, simulation models for the ACMI/TACTS air combat training ranges, and Air-Refueling Boom Arm simulators. The division also provides consulting and developmental support for engineering and research simulation solutions.
Arotech’s Training and Simulation Division consists of FAAC Incorporated (www.faac.com), MILO Range Training Systems (www.milorange.com), and Realtime Technologies (www.simcreator.com).
About Arotech Corporation
Arotech Corporation is a defense and security company engaged in two business areas: interactive simulation and mobile power systems.
Arotech is incorporated in Delaware, with corporate offices in Ann Arbor, Michigan, and research, development and production subsidiaries in Michigan, South Carolina, and Israel. For more information on Arotech, please visit Arotech’s website at www.arotech.com.
Investor Relations Contact:
Scott Schmidt
Scott.Schmidt@arotechusa.com
800-281-0356
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=133779025 and preceding (and any future following)]
the latest: 34% approve, 61% disapprove (record worst for Un Dum Fuk so far)
http://www.gallup.com/poll/201617/gallup-daily-trump-job-approval.aspx
Facebook Unveils Yet Another Potential Snapchat Killer -- Barrons.com
11:29 am ET March 10, 2017 (Dow Jones) Print
By Emily Bary and Mohammed Kabir
Facebook isn't done finding ways to rip off Snapchat.
The company debuted a new feature Thursday called "Messenger Day," available to users of its Messenger app. You take a photo of yourself or your surroundings, draw on it, add a filter, and post it as a status of sorts that's viewable by your friends for 24 hours.
Sounds a lot like Snapchat Stories. And much like Facebook's own Instagram Stories and WhatsApp Status. Messenger, in fact, is the third Facebook property to launch a clone of Snapchat's popular Stories feature.
Facebook's attention has become risk for Snap, Inc.'s newly-public shares
. Investors will get to see the competition play out every day in the stock market.
Facebook doesn't seem worried at all about being a copycat, and though users may mock the company's lack of originality, they're not staying away from the new features. Shortly after the launch of Instagram Stories, it amassed as many users as Snapchat had -- about 150 million. The WhatsApp version, launched last month, could gain traction internationally, where Snap isn't as strong.
In order for Snap to gain new users, it has to convince people to download its app, add their contacts, and learn to navigate the service. But Messenger already has a billion-plus monthly active users, and they'll get pushed an automatic update with the new "Day" feature. Many of those users are sure to give it a try.
This isn't good news for Snap. Potential users who haven't yet tried the disappearing-photo app will now have one built into yet another app they already use often. If they end up liking it, there won't be much incentive to download an additional app that does the same thing.
We will say this: Snapchat's unique "streak" feature, which lets you see how many days in a row you've snapped each friend, has a cult-ish popularity. Friends take their streaks seriously, and, so far, the Facebook doesn't appear to have made this a part of their services. But it might just be a matter of time before the social networking giant copies that, as well.
Big Picture: By taking Snapchat's ideas, Facebook won't win awards for creativity. But the social-networking giant could win over Snapchat's potential users.
(END) Dow Jones Newswires
March 10, 2017 11:29 ET (16:29 GMT)
AMPG AmpliTech Executes Expanded Marketing Plan For RF Components For Industrial And Defense Markets
AmpliTech, Inc.
11 hours ago
GlobeNewswire
Bohemia, Aug. 26, 2014 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc. (AMPG) ("AmpliTech" or the "Company"), a trusted provider of RF/microwave, and low noise amplifiers for critical and high-reliability, wireless and commercial applications, is pleased to announce that the Company received the second $100,000 installment related to the $300,000 Securities Purchase Agreement dated July 9, 2014. Fawad Maqbool, CEO stated, "We have used the funds to continue development of our new products and plan to expand sales by adding a comprehensive marketing plan that includes additional trade shows, joint ventures with synergistic suppliers, improved website, on-line and print advertising as well as key customer visits. We also plan to work with our investor Microphase to develop joint marketing strategies to increase cross-platform sales and products. We had a profitable second quarter, barring non-cash expenses, and endeavor to increase sales and profitability into next year and stay on track with our goals for growth and capitalization." View the video "AmpliTech on TV" to learn more about AmpliTech.
About AmpliTech Group, Inc.
AmpliTech Group, Inc. designs, develops, and manufactures custom and standard state-of-the-art RF components for the Domestic and International, SATCOM, Space, and Military markets. These designs cover the frequency range from 50 kHz to 40 GHz - eventually, offering designs up to 100 GHz. AmpliTech also provides consulting services to help with any microwave components or systems design problems. Our steady growth over the past 10+ years has come about because we can provide complex, custom solutions for nearly ANY custom requirements that are presented us. In addition, we have the best assemblers, wires, and technicians in the industry and can provide contract assembly of customers' own designs. Website: http://www.amplitechinc.com
About Microphase Corporation
Microphase Corporation designs, develops, and manufactures cutting-edge radio frequency (RF) and microwave and millimeter-wave signal processing and signal conditioning components, subsystems and assemblies comprising both standard and application specific integrated products for the defense electronics and aerospace, commercial communications, and homeland security, markets worldwide. The Company was founded in 1955 and is headquartered in Norwalk, Connecticut.
Media services by: Vitello Capital Ltd & Strategic Tactical Asset Trading LLC
Forward-looking Statements
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
Contact:
AmpliTech Group, Inc.
35 Carlough Rd. #3
Bohemia,NY 11716
IR Contact: Craig Fischer
786.375.0556
DECN-This one is absolut. Great read and again, congratulations to the Management from DECN who went through this period all the way.
http://www.cafc.uscourts.gov/images/stories/opinions-orders/13-1271.Opinion.10-31-2013.1.PDF
DECN and Pharma Tech Solutions Receive Anticipated Ruling from the U.S. Federal Circuit Court of Appeals, Reversing a Ruling by Lower Court Judge Washington DC Appeals Court Overturns California Judge in Lynchpin J&J/Lifescan Patent Suit, Citing the Doctrine of Patent Exhaustion
Los Angeles, CA - (Accesswire - November 5, 2013) - Decision Diagnostics Corp. (DECN), the exclusive worldwide sales, service and regulatory processes agent for the popular Shasta GenStrip™, the unique Green Glucose Test Strip, specifically designed to work with the Johnson & Johnson's (NYSE:JNJ) LifeScan Ultra family of glucose testing meters, today announced that the U.S. Circuit Court for Federal Claims has sustained the company's appeal, reversed the ruling made in late March 2013 by a District Court judge in Northern California, removed the previously stayed Preliminary Injunction and most importantly ruled that the J&J/Lifescan patent rights (under patent 7,250,105) were subject to the doctrine of patent exhaustion because the J&J/Lifescan glucose testing meters substantially embodied the invention, citing the Supreme Court's decision in Quanta Computers, Inc. vs. LG Electronics Inc. (2008).
Keith Berman, Principal Executive Officer of Decision Diagnostics, commented, "The Circuit Court's ruling, reversed a lower court ruling (Northern California) and has put to rest a substantial part of J&J/Lifescan's lawsuit. We are delighted with the ruling. With this court decision, our company can move forward and complete the branding of our Genstrip. By all estimation, November 4 is a seminal day in DECN's history. We will have more to discuss about other aspects of this ruling and ancillary issues in the coming days."
DECN is a leading provider of prescription and non-prescription diagnostics, home testing products for the chronically ill and a premier developer of revolutionary cell phone centric e-health products and technologies. DECN's FDA cleared Shasta GenStrip™ product was first introduced to the market in late 2012 as a lower cost (50%) glucose test strip alternative for user/owners of Johnson and Johnson LifeScan OneTouch® Ultra®, Ultra2® and Ultra Mini® glucose mete.
Forward-Looking Statements:
This release contains forward-looking statements about our business or financial condition that reflect our assumptions and beliefs based on information currently available. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. There may be other risks and circumstances that we are unable to predict. When used in this release, words such as "believes," "expects," "forecasts," "intends," "projects," "plans," "anticipates," "estimates," "will" and similar expressions are intended to identify forward-looking statements, although there may be certain statements not accompanied by such expressions.
For further information about Shasta GenStrip, please visit the company's Web Sites: http://www.decisiondiagnostics.com/ or http://www.shastagenstrip.com/. The company also reminds all interested parties that the airing of its commercial video titled "GenStrip: A Patchwork of Life began on November 1 and will continue. And in the meantime the extremely popular video is available for viewing at: http://shastagenstrip.com/shasta_ad.html or
OEDV-Osage Exploration & Development Inc., Announces Initial Production of 705 Barrels of Oil per Day on Horizontal Mississippian Well"
SAN DIEGO, CALIFORNIA, AUGUST 19, 2013 - Osage Exploration and Development, Inc. ( OTCBB:OEDV), an independent exploration and production company focused on the Horizontal Mississippian and Woodford plays in Oklahoma, today announced preliminary production results on the Mallard 1-16H Horizontal Mississippian well in Logan County, Oklahoma. The well, located in Section 16-17N-3W, achieved a 24-hour peak initial production rate of 705 barrels of oil plus associated natural gas on an electric submersible pump and a 48/64” choke.
Management Comments
“Further to our most recent press release, this well is a prime example of the progress in field operations that we are currently experiencing,” stated Mr. Kim Bradford, Chairman and CEO of Osage Exploration and Development (OTCBB:OEDV). “Our new production superintendent and his expert consultants are having an immediate impact on every well that we have drilled so far, and have to be given credit for our recent advances. Under their tenure, the Mallard 1-16H, which did not produce at a high level early on, has now made more than oil in the last week than it did in its first two months of production. The well has just begun operating at its full potential. We firmly believe that our team's experience with the Mallard will be the rule and not the exception, and that the quality of this reservoir is not to be denied.”
About Osage Exploration and Development, Inc.
Based in San Diego, California, with production offices in Oklahoma City, Oklahoma, and executive offices in Bogotá, Colombia, Osage Exploration and Development, Inc. is an independent exploration and production company with interests in oil and gas wells and prospects in the U.S. and Colombia. www.osageexploration.com
Safe Harbor Statement
The information in this release includes certain forward-looking statements as defined by the Securities and Exchange Commission that are based on assumptions that in the future may prove not to have been accurate. Those statements and Osage Exploration and Development, Inc. are subject to a number of risks, including production variances from expectations, volatility of product prices, inability to raise sufficient capital to fund its operations, environmental risks, competition, government regulation, and the ability of the Company to execute its business strategy, among others.
Contacts :
Osage Exploration and Development, Inc.
Kim Bradford, President and CEO
Phone: 619-677-3956
Fax: 619-677-3964
kbradford@osageexploration.com
www.osageexploration.com
Jack Zedlitz, VP of Corporate Development
Phone: 405-270-0989
jzedlitz@osageexploration.com
Osage August 19, 2013
13:46 EDT OEDV Osage Exploration reserves becoming more valuable, says Barrington
After Osage announced preliminary production results on its Mallard 1 well in Oklahoma, Barrington thinks the company's new production chief is having a positive effect on the company's wells. Also helping Osage is the increased attention that other companies are paying to their assets in the same regions as those of Osage, the firm thinks. It keeps a $2 price target and Outperform rating on Osage. http://www.theflyonthewall.com/permalinks/entry.php/OEDVid1876955/OEDV-Osage-Exploration-reserves-becoming-more-valuable--says-Barrington
BLDW: News Out - 10m FLoat
BLDW low floater.
Share Structure
Market Value1 $6,198,962 a/o Jan 18, 2013
Shares Outstanding 182,322,416 a/o Sep 30, 2012
Float 10,382,824 a/o Jun 30, 2011
Authorized Shares 500,000,000 a/o Sep 30, 2012
Par Value 0.001
http://www.otcmarkets.com/stock/BLDW/company-info
News out this morning.
Building Turbines' New Partner ATG-LED, Announces Sale of Approximately $250,000 to Physicians Center Project, in Houston, TX
http://ih.advfn.com/p.php?pid=nmona&article=55938666&symbol=BLDW
BLDW Chart:
http://stockcharts.com/h-sc/ui?s=BLDW&p=D&b=5&g=0&id=p43069026787
Mimvi Enters Partnership Agreement with Microsoft
Mimvi Enters Partnership Agreement with Microsoft
PR Newswire
SUNNYVALE, Calif., Sept. 25, 2012
SUNNYVALE, Calif., Sept. 25, 2012 /PRNewswire/ -- Mimvi, Inc. (OTCQB: MIMV) has announced that it has finalized a partnership agreement with Microsoft Corp. The partnership will see Mimvi develop a number of products and services to complement Microsoft's Windows Azure and Windows Mobile 8 Platforms. The agreement also involves Microsoft making investments in Mimvi in the form of engineering services, software, and cash.
"We are delighted to be working with Microsoft," commented Kasian Franks, Mimvi's founder, CVO and Chairman. Franks continued, "Microsoft shares our mobile vision of the future. Their tremendous expertise, resources and reach, combined with Mimvi's best-in-class mobile app search technology is a very exciting proposition."
Mimvi's CEO, Michael Poutre, echoed Franks' thoughts: "It is a privilege to work with Microsoft. Everyone at Mimvi is excited at the opportunities this partnership presents as we enter a mobile-dominant world. The synergies of this relationship will benefit stakeholders across the mobile value chain."
Exact terms of the agreement will not be disclosed at this time.
About Mimvi, Inc.
Headquartered in Sunnyvale, California, MIMVI, Inc. (OTCBB: MIMV) is a pure-play search and recommendation technology company. Its proprietary search and "intelligent" recommendation algorithms enable the search and discovery of Mobile Apps, Mobile Content and Mobile Products across multiple devices and platforms, including: Apple's iPhone and iPad, Google Android, BlackBerry, Windows Phone, Facebook and Web Apps. For more information, please visit: http://www.mimvi.com.
Safe Harbor Statement
This Press Release may contain certain forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. MIMVI has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect Mimvi's current beliefs and are based on information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause Mimvi's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. MIMVI undertakes no obligation to update or provide advice in the event of any change, addition or alteration to the information contained in this Press Release including such forward-looking statements.
News on GESI.
GESI released good news today.
GESI Completes Escrow Milestone for Plant Funding by Private Escrow Capital Raise
http://ih.advfn.com/p.php?pid=nmona&article=53784501&symbol=GESI
I expected an update shortly that the $45 million funding agreement is finalized, and also the terms of the agreement and the amount of their first draw, as well a timeline for the plant build out. I highly recommend taking a serious look at this company and growth potential.
Chart shows continued accumulation and positive CMF.
http://stockcharts.com/h-sc/ui
Low floater:
Share Structure
Market Value1 $2,780,102 a/o Aug 09, 2012
Shares Outstanding 173,756,353 a/o Mar 31, 0212
Float 67,902,498 a/o Mar 31, 2012
Authorized Shares 490,000,000 a/o Mar 31, 2012
http://www.otcmarkets.com/stock/GESI/company-info
NEYYF.pk 1.96 with $3.40 price target from Global Hunter Looks like Keystone pipeline is on schedule for 2013 completion per Credit Suisse. Appears that news on project approval is due shortly.
¦ Keystone XL is the key for Gulf Coast access:
We believe the main bottleneck driving down WTI differentials and WCS today is the lack of linkage from Cushing (WTI) to the Gulf Coast refining complex. TransCanada is hoping to receive approval for the Keystone XL pipeline shortly which could be onstream by 2013.
Keystone pipeline adds about $10 per barrel to the price received by Nimin on its WY oil per prior presentations. Nice to see that project approval seems likely and in near future.
See slide 16
http://www.niminenergy.com/i/pdf/NiMin_Energy_Corporate_Presentation_3_2_10.pdf
NEYYF now 1.96 )
NEYYF now 1.82 ))
NEYYF now 1.66 nice
NEYYF now 1.57
CCNI-Command Center Announces Third Quarter Net Profit in Excess of $1 Million
Command Center (BB) (OTCBB:CCNI)
Historical Stock Chart
1 Month : October 2010 to November 2010
Command Center, Inc. (OTCBB: CCNI), an emerging provider of on-demand, reliable labor solutions, today announced its results for the third quarter of 2010.
For the thirteen weeks ended September 24, 2010, Command Center reported total revenue of $19.70 million, an increase of 49% on revenue of $13.19 million for the thirteen weeks ended Sept. 25, 2009. For the period, the Company reported a net profit of $1.07 million, or $.02 per share, based on 51,558,983 weighted average common shares outstanding, compared to a net loss of $249,776, or ($.01) per share, based on 37,041,172 weighted average common shares outstanding in the like year-ago quarter.
“We are thrilled to announce back-to-back profitable quarters,” said Command Center Chairman and CEO, Glenn Welstad, “and we are especially excited about bringing more than $1 million to the bottom line. Despite the dramatic drop-off in oil clean-up activities in the Gulf coming into the third quarter, core business continued to improve and not only produced such excellent results, but also showed that Command’s revenue streams are broadly distributed and not dependent on single large jobs to accelerate growth.”
Mr. Welstad also noted that the balance sheet was vastly improved during the third quarter, resulting in significant gains in liquidity. “In addition to accumulating cash, the company reduced current liabilities by $1.8 million – to $5.7 million on September 24, 2010 from $7.5 million on June 25, 2010 – and improved shareholders' equity in the company.”
For the thirty-nine week (nine month) period ended September 24, 2010, Command Center reported revenue of $50.64 million, an increase of 32% on revenue of $38.40 million in the comparable year-ago period. Net loss for the nine months of 2010 was $302,826, or ($.01) per share, based on 45,484,621 weighted average common shares outstanding, compared to a net loss of $3.82 million, or ($.10) per share, based on 36,660,036 weighted average common shares outstanding for the same period last year.
Mr. Welstad said that the gross profit margin of 26.4% in the third quarter of 2010 was down from 28.2% in the third quarter of 2009. However, even with a 49% increase in sales, SG&A expenses of $3.99 million in Q3 ‘10 were only 6% higher than SG&A expenses of $3.77 million in Q3 ’09. “This once again demonstrates how management has been able to effectively manage costs without compromising its commitment and ability to deliver exceptional service to our growing customer base.
“We are confident, after reporting these two consecutive profitable quarters and evaluating the current status of our local and national accounts, that Command Center is well-positioned to build on these results and achieve even higher goals of revenue and profit going forward.”
About Command Center, Inc.
The Company provides on-demand employment solutions to businesses in the United States, primarily in the areas of light industrial, disaster relief, hospitality and event services. Additional information on Command Center is available at www.commandonline.com.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, the severity and duration of the general economic downturn, the availability of worker's compensation insurance coverage, the availability of capital and suitable financing for the Company's activities, the ability to attract, develop and retain qualified store managers and other personnel, product and service demand and acceptance, changes in technology, the impact of competition and pricing, government regulation, and other risks set forth in the Form 10KSB filed with the Securities and Exchange Commission on April 9, 2010 and in other statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Command Center, Inc.
Balance Sheets
September 24, 2010 December 25, 2009
(Unaudited)
Assets
Current Assets:
Cash $ 584,331 $ 69,971
Restricted cash 150,000 —
Accounts receivable trade, net of allowance for bad debts of $370,000 at September 24, 2010 and $300,000 at December 25, 2009 3,234,536 5,025,113
Other receivables - current 37,036 37,059
Prepaid expenses, deposits, and other 503,949 213,409
Prepaid workers' compensation 492,685 224,074
Current portion of workers' compensation risk pool deposits 1,200,000 1,300,000
Total current assets 6,202,537 6,869,626
Property and Equipment, Net 456,253 877,827
Other Assets:
Workers' compensation risk pool deposits 1,562,693 2,318,805
Goodwill 2,500,000 2,500,000
Intangible assets - net 213,491 323,937
Total other assets 4,276,184 5,142,742
Total assets $ 10,934,974 $ 12,890,195
Liabilities and Stockholders' Equity (Deficit)
Current Liabilities:
Accounts payable $ 1,636,287 $ 2,174,504
Checks issued and payable 620,281 —
Line of credit facility — 2,907,521
Accrued wages and benefits 833,332 694,079
Other current liabilities — 224,491
Current portion of note payable — 9,520
Short-term note payable, net of discount 114,345 1,025,000
Capital leases 11,425 —
Short-term note liquidity redemption payable — 186,939
Stock warrant liability 1,177,904 413,026
Current portion of workers' compensation claims liability 1,295,369 1,801,423
Total current liabilities
5,688,943 9,436,503
Long-Term Liabilities
Note payable, less current portion — 71,447
Common stock to be issued 12,200 922,000
Workers' compensation claims liability, less current portion 3,315,188 2,800,000
Total long-term liabilities 3,327,388 3,793,447
Total liabilities 9,016,331 13,229,950
Stockholders' Equity (Deficit)
Preferred stock - 5,000,000 shares, $0.001 par value, authorized; no shares issued and outstanding — —
Common stock - 100,000,000 shares, $0.001 par value, authorized; 54,314,368 and 37,212,922 shares issued and outstanding, respectively 54,314 37,213
Additional paid-in capital 53,990,561 51,446,437
Accumulated deficit (52,126,232 ) (51,823,405 )
Total stockholders' equity (deficit) 1,918,643 (339,755 )
Total liabilities and stockholders' equity (deficit) $ 10,934,974 $ 12,890,195
Command Center, Inc.
Statements of Operations (Unaudited)
Thirteen Weeks Ended Thirty-nine Weeks Ended
September 24, September 25, September 24, September 25,
2010 2009 2010 2009
Operating Revenue:
Operating Revenue:
Revenue from staffing services $ 19,674,071 $ 13,173,084 $ 50,542,743 $ 38,331,742
Other income 26,815 13,855 97,099 69,874
Total operating revenue 19,700,886 13,186,939 50,639,842 38,401,616
Cost of Staffing Services:
Temporary worker costs 13,504,804 8,957,172 34,926,139 26,282,246
Workers' compensation costs 878,804 463,401 2,294,231 2,170,542
Other direct costs of services 109,496 47,620 262,218 131,254
Total cost of staffing services 14,493,104 9,468,193 37,482,588 28,584,042
Gross Profit 5,207,782 3,718,746 13,157,254 9,817,574
Selling, General, and Administrative Expenses:
Personnel costs 2,124,479 1,860,868 5,625,516 6,039,755
Selling and marketing expenses 52,838 11,976 182,054 81,787
Transportation and travel 433,985 202,789 972,120 772,131
Office expenses 188,327 149,020 555,591 661,784
Legal, professional and consulting 126,247 168,900 583,343 583,276
Depreciation and amortization 144,268 194,050 431,127 609,598
Rents and leases 379,389 476,140 1,164,929 1,701,119
Other expenses 538,433 619,408 1,463,145 1,940,982
Total selling, general, and administrative expenses 3,987,966 3,683,151 10,977,825 12,390,432
Income (Loss) from Operations 1,219,816 35,595 2,179,429 (2,572,858 )
Other Income (Expense):
Interest expense and other financing expense (430,507 ) (285,371 ) (1,037,900 ) (854,715 )
Gain (loss) on debt extinguishment 4,491 — (840,307 ) (518,251 )
Change in fair value of warrant liability 280,327 — (604,048 ) 126,000
(145,689 ) (285,371 ) (2,482,255 ) (1,246,966 )
Net Income (Loss) $ 1,074,127 $ (249,776 ) $ (302,826
) $ (3,819,824 )
Earnings (Loss) per Share:
Basic 0.02 (0.01 ) (0.01 ) (0.10 )
Diluted 0.02 (0.01 ) (0.01 ) (0.10 )
Weighted Average Common Shares Outstanding:
EGAN-eGain Announces Financial Results for the First Fiscal Quarter Ended September 30, 2010
Egain Communs Corp (BB) (OTCBB:EGAN)
Intraday Stock Chart
Today : Wednesday 10 November 2010
eGain Communications Corporation (OTCBB: EGAN)
Quarter Highlights
-- Total revenue up 64% from the comparable year-ago quarter
-- License revenue up 277% from the comparable year-ago quarter
-- Recurring revenue up 12% from the comparable year-ago quarter
-- Net income of $4.8 million or $0.22 per share
eGain Communications Corporation (OTCBB: EGAN), a leading provider of customer service and contact center software, today announced financial results for the first fiscal quarter ended September 30, 2010.
Total revenue for the first quarter of fiscal year 2011 was $13.1 million, an increase of 64% from the comparable year-ago quarter. License revenue for the first quarter of fiscal year 2011 was $7.4 million, an increase of 277% from the comparable year-ago quarter. Recurring services revenue for the first quarter of fiscal year 2011 was $4.5 million, an increase of 12% from the comparable year-ago quarter. Professional services revenue for the first quarter of fiscal year 2011 was $1.3 million, a decrease of 37% from the comparable year-ago quarter.
Gross margin for the first quarter of fiscal year 2011 was 81%, compared to 68% in the comparable year-ago quarter. Total operating costs and expenses for the first quarter of fiscal year 2011 were $5.7 million, an increase of 31% from the comparable year-ago quarter.
Net income for the first quarter of fiscal year 2011 was $4.8 million, or $0.22 per share on a basic and diluted basis, compared to a net income of $787,000, or $0.04 per share on a basic and diluted basis for the comparable year-ago quarter. Net income for the first quarter of fiscal year 2011 included stock-based compensation of $54,000 and interest and tax expense of $315,000, compared to stock-based compensation expense of $55,000 and interest expense of $277,000 from the comparable year-ago quarter.
Total cash and cash equivalents were $4.8 million at September 30, 2010, compared to $5.7 million at June 30, 2010. Net accounts receivable was $10.0 million at September 30, 2010, compared to $3.0 million at June 30, 2010. Days sales outstanding in receivables for the quarter ended September 30, 2010 were 70 days, compared to 52 days for the comparable year-ago quarter. Deferred revenues totaled $5.9 million at September 30, 2010, compared to $5.1 million at June 30, 2010.
New hosting and license bookings for the first quarter of fiscal year 2011 were $8.2 million, an increase of 95% from the comparable year-ago quarter. Of the total new hosting and license bookings in the first quarter of fiscal year 2011, 12% were from new hosting bookings and 88% were from new license bookings, compared to 47% from new hosting bookings and 53% from new license bookings in the comparable year-ago quarter.
"Our record top line growth was primarily due to a license transaction with one of the largest telecommunication providers in the world," said Ashu Roy, eGain CEO. "We see this as a landmark deal in our growing success in the global telecommunications vertical. We remain optimistic about our prospects for fiscal year 2011. We see growing market interest in our recently launched products. In response, we are increasing our investment in direct sales and partner development."
Business Highlights
-- eGain was once again positioned in the Leaders Quadrant by Gartner,
Inc. in the "Magic Quadrant for Web Customer Service" report released
in September 2010. eGain attained this recognition for the third year
in a row.
-- eGain Social was named by KM World magazine as a Trendsetting Product
for 2010.
-- eGain expanded its social customer experience management suite. eGain
Social Experience Suite includes the capability to create and manage
online support communities, a social-blended agent desktop, integration
with Facebook®, Twitter® and web search, and an innovative
single-sourced knowledge publishing capability for proactive social
engagement.
-- eGain Knowledge 10 received Oracle Validated Integration with Oracle's
Siebel Customer Relationship Management, Release 8.1 through the Oracle
PartnerNetwork. eGain Knowledge 10 achieved SAP certification, as
powered by the SAP NetWeaver® technology platform. The solution is
now integrated with the SAP® Customer Relationship Management
application 7.0.
-- eGain announced seven new partners in North America: Cameo Solutions,
CDW, INX, Nexus, Presidio, Universal E-Business Solutions, and
VoiceRite. These providers will partner with eGain to deliver
multichannel customer interaction management solutions to mid-sized
businesses.
-- eGain announced Customer Xs as a partner to deliver multichannel
customer service and knowledge management solutions in the Benelux
region. The appointment of Customer Xs follows partnerships with
SCHOLAND & BEILING Partner for German-speaking countries and Novabase
for Iberian markets.
Guidance
We are raising our revenue guidance for fiscal year 2011. For fiscal year 2011 we currently expect an increase in total revenue of between 20% and 25% when compared to fiscal year 2010. In addition, we currently expect to generate positive cash flows from operations in fiscal year 2011, while planning to invest a significant portion of our anticipated top-line growth back into growing our distribution capability.
We define New Hosting and License Bookings as new contractual commitments (excluding renewals) received by the company for the purchase of product licenses and hosting services. Such contracts are not cancelable for convenience but may be subject to termination by our customers for cause or breach of contract by us. Furthermore, because we offer a hybrid delivery model, the mix of new license and hosting business in a quarter could also have an impact on our revenue in a particular quarter. Due to effects that these trends have on our short-term revenue and profitability, we believe that it is useful to disclose New Hosting and License Bookings detail in this and future financial releases. We use this metric internally to focus management on the productivity of the sales team and period-to-period changes in our core business. Therefore, we believe that this information is meaningful and helpful in allowing individuals to better assess the ongoing nature of our core operations.
About eGain Communications Corporation
eGain (OTCBB: EGAN) is the leading provider of cloud and on-site customer interaction hub software. For over a decade, hundreds of the world's largest companies have relied on eGain to transform their traditional call centers, help desks, and web customer service operations into multichannel customer interaction hubs (CIHs). Based on the Power of One™, the concept of one unified platform for multichannel customer interaction and knowledge management, eGain solutions improve customer experience, optimize service processes end to end, increase sales, and enhance contact center performance.
Headquartered in Mountain View, California, eGain has operating presence in North America, EMEA and APAC. To learn more about us, visit www.eGain.com or call our offices: +1-800-821-4358 (US), +44-(0)-1753-464646 (EMEA), or +91-(0)-20-6608-9200 (APAC). Also, follow us on Twitter at http://twitter.com/egain and Facebook at http://facebook.com/egain.
Cautionary Note Regarding Forward-Looking Statements
All statements in this release that involve eGain's forecasts (including the above stated guidance), beliefs, projections, expectations, including but not limited to our financial performance, are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on information available to eGain at the time of this release, are not guarantees of future results; rather, they are subject to risks and uncertainties that may cause actual results to differ materially from those set forth in this release. These risks include, but are not limited to, the uncertainty of demand for eGain products, including our guidance regarding bookings and revenue; our expectations related to our operations; our ability to invest resources to improve our products and continue to innovate; our partnerships; our future markets; and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K filed on September 23, 2010, and the Company's quarterly reports on Form 10-Q. eGain assumes no obligation to update these forward-looking statements.
Note: eGain is a registered trademark, and the other eGain product and service names appearing in this release are trademarks or service marks, of eGain Communications Corp. All other company names and products are trademarks or registered trademarks of their respective companies.
eGain Communications Corporation
Consolidated Balance Sheets
(in thousands)
(unaudited)
September 30, June 30,
2010 2010
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 4,818 $ 5,733
Restricted cash 13 13
Accounts receivable, net 10,000 2,955
Prepaid and other current assets 516 512
----------- -----------
Total current assets 15,347 9,213
Property and equipment, net 968 869
Goodwill, net 4,880 4,880
Other assets 374 354
----------- -----------
Total assets $ 21,569 $ 15,316
=========== ===========
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current liabilities:
Accounts payable $ 1,155 $ 1,146
Accrued compensation 2,731 1,987
Accrued liabilities 1,506 1,946
Current portion of deferred revenue 5,769 4,917
Current portion of capital lease obligation 113 157
Current portion of bank borrowings 83 115
----------- -----------
Total current liabilities 11,357 10,268
Deferred revenue, net of current portion 167 186
Capital lease obligation, net of current portion 28 28
Related party notes payable 8,998 8,724
Other long term liabilities 277 273
----------- -----------
Total liabilities 20,827 19,479
----------- -----------
Stockholders' (deficit) equity:
Common stock 22 22
Additional paid-in capital 323,748 323,700
Notes receivable from stockholders (80) (79)
Accumulated other comprehensive loss (584) (596)
Accumulated deficit (322,364) (327,210)
----------- -----------
Total stockholders' (deficit) equity 742 (4,163)
----------- -----------
Total liabilities and stockholders' (deficit)
equity $ 21,569 $ 15,316
=========== ===========
eGain Communications Corporation
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
September 30,
----------------
2010 2009
------- -------
Revenue:
License $ 7,360 $ 1,954
Recurring services 4,450 3,984
Professional services 1,276 2,037
------- -------
Total revenue 13,086 7,975
Cost of license 14 68
Cost of recurring services 1,233 1,152
Cost of professional services 1,227 1,295
------- -------
Gross profit 10,612 5,460
Operating costs and expenses:
Research and development 1,414 1,170
Sales and marketing 3,514 2,434
General and administrative 804 786
------- -------
Total operating costs and expenses 5,732 4,390
------- -------
Income from operations 4,880 1,070
Interest expense, net (276) (277)
Other income (expense), net 281 (6)
------- -------
Income before income tax 4,885 787
Income tax benefit / (expense) (39) --
------- -------
Net Income $ 4,846 $ 787
======= =======
Per share information:
Basic net income per common share $ 0.22 $ 0.04
======= =======
Diluted net income per common share $ 0.22 $ 0.04
======= =======
Weighted average shares used in computing basic
net income per common share 22,124 22,213
======= =======
Weighted average shares used in computing diluted
net income per common share 22,392 22,221
======= =======
Company Contact:
Jamie Abayan
650-230-7532
PR@eGain.com
Investor Contact:
IRegain@eGain.com
NEIK-NORTHSTAR ELECTRONICS SUBSIDIARY RECEIVES ADDITIONAL $9.1 M
TO ITS P3 MASTER PURCHASE ORDER WITH LOCKHEED MARTIN
Vancouver, BC, September 2, 2010 – Northstar Electronics, Inc. (OTCBB: NEIK) today announced that its wholly owned subsidiary, Northstar Network Ltd. (NNL), has received a revised Master Purchase Order from Lockheed Martin to increase the value of NNL’s contract by US $9.1 million, to a total of US $16.4 million. This new work is to be completed within two years.
“This significant production increase, the largest order that Northstar has received to date, further defines and strengthens the position of Northstar as a serious contender in aerospace manufacturing,” said Terry McLeod, Northstar’s Vice-President, Development & Operations.
Under the Lockheed Martin P-3 Mid-Life Upgrade (MLU) Program, NNL manufactures finished components and assemblies for new production service life extension kits for the P-3 Orion wing upgrade. The MLU adds more than 15,000 flying hours to each aircraft, representing 15 to 20 additional years of service for this critical maritime patrol and reconnaissance resource.
Northstar is responsible for supplying approximately 400 parts and assemblies per aircraft, or about one-fifth of the total parts required under the wing upgrade program. These parts and assemblies primarily include machined parts and formed sheet metal assemblies of various levels of complexity in aluminium and alloy steel, and range from simple structural members to flight critical components.
“Northstar has worked rigorously to maintain productivity and quality since this project began in 2007 and the awarding of this contract clearly demonstrates Lockheed Martin’s commitment to us,” said Mr. McLeod. “We appreciate their support and look forward to continued growth with their aeronautics projects.”
Dr. Wilson Russell, Northstar’s CEO, added, “This increase in our involvement in Lockheed Martin’s P-3 MLU Program is an important step in Northstar’s ongoing transformation into a much larger, world-class company. With many additional business opportunities available to us, and several significant contract awards pending, we expect shortly to further diversify our customer base and accelerate our expansion.”
Unity Management Group, Inc. Adds Ron W. Berman to Its Management Team
Unity Management Group (OTC) (USOTC:UYMG)
http://ih.advfn.com/p.php?pid=nmona&article=44205225&symbol=UYMG.
This is good news for UYMG and the next leg up on its business plan.
DRLY-Doral Energy Corp. Announces Results of 3rd Party Total Proved Reserves With an Undiscounted Net Present Value of $23,915,000
Date : 08/26/2010 @ 6:30AM
Source : GlobeNewswire Inc.
Stock : Doral Energy Corp. (DRLY)
Quote : 0.03 0.0 (0.00%) @ 2:05AM
Doral Energy Corp. (OTCBB:DRLY) ("Doral" or "the Company"), announced today that it has received the results of the independent third-party reserve report completed by Joe C. Neal and Associates, on its producing properties located in Chaves and Roosevelt Counties, New Mexico. As of Aug 1, 2010, Doral net Total Proved Reserves total 1.027 million barrels of oil ("MMBO"). Of these reserves, Proved Developed Producing ("PDP") Reserves total 0.121 MMBO; and Proved Undeveloped ("PUD") Reserves total 0.907 MMBO. The Joe C. Neal and Associates report contains 50 undrilled PUD locations based upon down-spacing from 40 acres to 20 acres. This report does not contain any speculation on secondary or tertiary recovery methods but rather primary production only.
The Doral Energy Total Proved Reserves have a net present value discounted at 10% ("PV-9%") of 4.152 million dollars, with PDP PV-10% of 2.334 million dollars and PUD PV-10% of 1.818 million dollars. On an undiscounted basis, the net present value of Doral Energy's Total Proved Reserves equate to a future net income of $23,915,000. Estimated reserves and future net income amounts presented in this report, as of August 1, 2010, are related to hydrocarbon prices. The hydrocarbon prices used in the preparation of this report are based on the average price of oil at the first of the month for the proceeding 12-month period. The benchmark price of $69.67 per barrel was utilized which has been adjusted by lease gravity, transportation fees and regional price differentials. The oil price was held constant for the economic life of the properties as specified by the SEC.
Management Comments
E. Will Gray II, Chairman and CEO of Doral Energy, states, "With the completion of the new reserve report, management can now focus on immediately developing a plan to not only potentially increase production from existing producers but to place together a comprehensive in-fill drilling program. Furthermore, with the completion of our 3rd party reserve report, Doral has once again proved its ability to acquire proved reserves at an acquisition price per barrel that is one of the most competitive in the industry. Doral's last two acquisitions, since the divestiture of our Hanson Energy Assets, have come at a total cost of $1.72MM with an acquisition cost of less than $1.7 per proved barrel." Mr. Gray further states, "In addition to the completion of Doral's 3rd party reserves, a new domain name is begin utilized at www.DoralEnergyCorp.com that provides all updated contact information for both the new corporate headquarters as well as Doral's IR contact. The new corporate website is still under construction and management appreciate all shareholders patience during this process. Management would kindly ask that all shareholders utilize Doral's IR personnel to answer any questions or concerns and looks forward to completing the new corporate website as soon as possible."
About Doral Energy Corp.
Doral Energy Corp. (OTCBB:DRLY) is an oil and gas exploitation and production company headquartered in Midland, Texas. Doral Energy Corp.'s strategy is to grow a portfolio of under-developed production and exploitation assets with the potential for generating near-term increases in existing production through operational improvements, and longer-term development of proved undeveloped reserves by infill drilling. Doral focuses on identifying acquisitions that generate immediate cash flow from production, but which also have strong proved developed non-producing and proved undeveloped reserves that can be tapped for significant growth. The prolific Permian Basin of Texas and New Mexico is the geographic region of focus for the Company's future acquisition activity. Shareholders and investors are encouraged to visit Doral Energy's interim website at www.DoralEnergyCorp.com for more information.
Further Information
Shareholders and investors are encouraged to visit Doral Energy's interim website at www.DoralEnergyCorp.com for more information.
On behalf of DORAL ENERGY CORP.
Everett Willard ("Will") Gray, II, Chief Executive Officer
Forward Looking Statements
This news release contains forward-looking statements that are not historical facts and are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of oil and natural gas reserves, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom the Company has contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of oil or gas are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information on risks for the Company can be found in the Company's filings with the U.S. Securities and Exchange Commission.
CONTACT: Doral Energy Corp.
Brad Holmes
(713)654-4009
Cell: (713)304-6962
b_holmes@att.net
www.DoralEnergyCorp.com
BFDI-Brekford Corp. Awarded Panasonic's Prestigious Reseller of the Year Award
http://finance.yahoo.com/news/Brekford-Corp-Awarded-pz-4276180946.html?x=0&.v=2
CYPB-Ramius Sends Letter to Newly Appointed Lead Independent Director of Cypress
Cypress Bioscience (NASDAQ:CYPB)
Intraday Stock Chart
Today : Wednesday 25 August 2010
Ramius Value and Opportunity Advisors LLC, a subsidiary of Ramius LLC (collectively, "Ramius"), today announced that it delivered a letter to Daniel H. Petree, the newly appointed lead independent director of Cypress Bioscience, Inc. ("Cypress" or "the Company") (Nasdaq: CYPB). In the letter, Ramius expressed concern regarding former lead independent director Jean-Pierre Millon's abrupt resignation last week from the Board citing "a difference of opinion with respect to the timing of the execution of [Cypress'] strategy." In the letter, Ramius also requested an in-person meeting with any or all of the continuing independent members of the Board. Finally, Ramius confirmed its commitment to pursuing an acquisition of Cypress and repeated its willingness to consider raising the value of its acquisition proposal in the event Ramius is granted limited due diligence and the Company agrees to negotiate in good faith.
Ramius Partner Managing Director Jeffrey C. Smith stated, "The very fact that Mr. Millon felt compelled to resign from the Board calls into serious question this Board's lack of true independence and balance. It seems clear to us that a director expressing a differing view was forced to relinquish his leadership role on the Board and subsequently chose to resign from the Board. At best, this demonstrates an unhealthy board environment. At worst, it is symptomatic of a truly dysfunctional board that continues to act without regard to the best interests of shareholders."
Mr. Smith went on to say, "We stand ready, willing, and able to consummate a transaction and hope that the Board will uphold its fiduciary responsibility to engage with us regarding our proposal."
The full text of the letter follows:
Dear Daniel:
Ramius Value and Opportunity Advisors LLC, together with its affiliates (collectively, "Ramius"), has reviewed the letter sent by Cypress Bioscience Inc. ("Cypress" or the "Company") on August 17, 2010. As the newly appointed lead independent director, we have recently attempted to reach out to you directly to start a dialogue. Unfortunately, to date we have yet to receive any response.
The Board Continues to Reject Our Efforts to Engage in Negotiations While Ignoring Our Willingness to Increase our Acquisition Proposal
In your letter dated August 17, 2010, the Company, in trying to justify its refusal to enter into negotiations with us, states only its belief that we have not made any substantive change to our offer. What the Company conveniently fails to acknowledge is our willingness to increase the value of our acquisition proposal if we are granted due diligence and the Company commits to either negotiating a transaction with us or commencing an auction process for the sale of the Company.
It's ironic, indeed, that the Company appears now to be concerned that shareholders receive full and fair value for their shares while for the past several years this Board has overseen massive destruction of shareholder value. Every day that goes by under management's current ill-advised strategy jeopardizes the chance that shareholders will ever have the opportunity to receive full and fair value for their shares.
That you continue to rebuff our overtures to engage in meaningful discussions around our offer while continuing to be so quick to approve highly speculative, overpriced, and value-destroying acquisitions only serves to reinforce our belief that this Board has completely disregarded the best interests of shareholders and its fiduciary duties.
Perhaps Jean-Pierre Millon, the former lead independent director, recognized this before abruptly resigning from the Board last week.
The Resignation of Lead Independent Director Jean-Pierre Millon is Disturbing and Emblematic of a Much Maligned Board of Directors
After speaking with Jean-Pierre Millon on several occasions, we were dismayed to learn that after five years of service, the position of lead independent director was suddenly being "rotated" away from Mr. Millon. At first, we could not understand why such an unexpected change would be made while we were attempting to open a constructive dialogue. However, it became clear the following day when the Company made an 8-K filing with the Securities and Exchange Commission disclosing that Mr. Millon had resigned from the Board of Directors (the "Board") citing "a difference of opinion with respect to the timing of the execution of [Cypress'] strategy."
According to this year's proxy, the Board appointed Mr. Millon as the lead independent director in April 2005 to help reinforce the independence of the Board as a whole and to serve as an effective balance to a combined Chief Executive Officer/Chairman. The very fact that Mr. Millon felt compelled to resign from the Board calls into serious question this Board's lack of true independence and balance.
Based on our experience of engaging with board members from over 40 public companies over the past eight years, an effective board requires directors who are willing to engage in spirited debate and who may disagree from time to time regarding corporate strategy or decision making. It seems clear to us that a director expressing a differing view was forced to relinquish his leadership role on the Board and subsequently chose to resign from the Board. At best, this demonstrates an unhealthy board environment. At worst, it is symptomatic of a truly dysfunctional board that continues to act without regard to the best interests of shareholders.
We find the decision to name you as the new lead independent director equally disconcerting. We believe this decision further concentrates control of Cypress with two individuals, Jay Kranzler and you. As we have noted in prior correspondence, you are already the sole member of the Finance Committee, giving you the sole authority to evaluate, review, facilitate and approve the selection and engagement of financial advisors in connection with strategic transactions, licenses, joint ventures, acquisitions and other similar transactions. Additionally, you and Dr. Kranzler, the CEO of Cypress, are the only two members of the Strategic Committee, which meets with and advises management as the Company considers product licensing, potential acquisitions and other strategic opportunities.
Now, in the midst of an acquisition proposal, when it is most important for the Board to act independently of management, the Board gave you the added responsibility of lead independent director. In our opinion, this shows bad judgment on the part of the entire Board and concentrates power and decision making with just two members of a seven person board.
Our Acquisition Proposal Represents a Much Better Alternative for Maximizing Shareholder Value than the Company's Ill-Conceived and Destructive Strategy
In your letter dated August 17, 2010, the Company states that "[Ramius'] proposed purchase price may represent a premium to a given day's closing stock price, but [the Board's] focus is on the value of the Company's current business and future prospects." The fact remains that our offer provides shareholders with a substantial premium for their shares and protects them from the very real value-destroying actions taken by this Board and management team. The dismissive tone and apparent detachment from reality force us to remind the Board that it has overseen the destruction of a massive amount of shareholder value, even when looking as far back as 1995 when Dr. Kranzler was first named CEO.
The stock price of Cypress has declined dramatically over almost any extended period of time. Dr. Kranzler's biography on the Company's corporate website states that, since he was appointed CEO in December 1995, "Cypress has successfully raised $226 million in new funding..." Compare this to the average market capitalization of the Company for the month prior to our acquisition proposal of under $100 million. The Board of Cypress, in its many different forms, has failed to create value for shareholders in more than 25 years as a public company. Unfortunately, in the absence of our offer, Cypress shareholders would have no reason to expect anything different in the future.
The letter further states that, "[The Board has] believed for some time that the market has seriously undervalued Cypress and [Ramius'] interest in acquiring the Company has confirmed our long held belief." We believe it is disingenuous for the Board to make statements like this when no director has purchased a single share of Cypress stock since 2007. Instead, the Board has continued to collect substantial cash payments and options grants over the years without reinvesting a penny of the proceeds in Cypress shares. As of this year's proxy, the current officers and directors of Cypress owned outright common shares representing approximately 1.25% of the shares outstanding. This represents a current market value of less than $1.8 million, or an average of $177,362 per officer and director. This pales in comparison to the egregious compensation paid to management and the Board while shareholders have suffered from the Company's horrific performance.
Finally, you state, "Our Board and management team remain committed to building long term stockholder value, and we believe that our current strategy of developing a portfolio of CNS drug candidates will deliver superior value to Cypress stockholders." Wake up! Your shareholders, the true owners of the Company, do not support this strategy and have no confidence in your ability to deliver value. Just look at the reaction to the acquisition of BL-1020 from Bioline. The stock fell 38% in one day, destroying $63 million in shareholder value. The stock continued to drop throughout the remainder of June and into July and remained more than 40% below the pre-Bioline deal stock price prior to the announcement of our acquisition proposal on July 19th.
This acquisition follows the disastrous acquisition of Proprius in 2008 which yielded substantial losses for shareholders. Management has now belatedly acknowledged that the acquisition of Proprius has failed. How many more value-destroying transactions will this Board approve?
Prior to the abrupt resignation of Mr. Millon, we felt that, at a minimum, we could have a dialogue with the lead independent director. Despite a total lack of response from you to date, we hope and expect that we can continue this dialogue with you. We had requested an in-person meeting with Mr. Millon and were awaiting a response at the time of his resignation. We would now like to re-direct this request to you for an in-person meeting with any or all of the continuing independent members of the Board.
We once again confirm our commitment to pursuing an acquisition of Cypress. We implore the Board to take no further value-destroying actions or approve any further acquisitions. We have repeatedly expressed our willingness to consider raising the value of our acquisition proposal in the event we are granted limited due diligence and the Company agrees to negotiate in good faith. We stand ready, willing, and able to consummate a transaction and hope that the Board will uphold its fiduciary responsibility to engage with us regarding our proposal.
Best Regards,
Jeffrey C. Smith
Partner Managing Director
Ramius LLC
About Ramius LLC
Ramius LLC is a registered investment advisor that manages assets in a variety of alternative investment strategies. Ramius LLC is headquartered in New York with offices located in London, Luxembourg, Tokyo, Hong Kong and Munich.
Contact:
Media: Sard Verbinnen & Co
Dan Gagnier, 212-687-8080
or
Investors:
Ramius LLC
Peter Feld, 212-201-4878
Gavin Molinelli, 212-201-4828
MKRS-Mikros Systems Corporation Reports Record Second-Quarter Revenue; Quarterly Revenue Up 144% and Net Income Up More Than 670%
PRINCETON, N.J., Aug. 16, 2010 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (OTCBB:MKRS - News) announced its financial results for the second quarter ended June 30, 2010.
Highlights for the Second Quarter 2010 included:
•Revenues for the second quarter 2010 were $1,553,315, an increase of $916,839 or 144% from $636,476 for the second quarter of 2009.
•Gross Margin for the second quarter 2010 was $577,404, an increase of $223,519, or 63% from $353,885 for the second quarter of 2009.
•Operating income for the second quarter 2010 was $142,858, an increase of $99,455, or 229% from $43,403 reported for the same period of 2009.
•Net income during the second quarter of 2010 was $146,892, an increase of $127,896 or 673% from $18,996 in the second quarter of 2009.
•The announcement of over $4,000,000 in new orders year-to-date.
Highlights for the Six Months ended June 30, 2010 included:
•Revenues for the six months ended June 30, 2010 were $2,115,696 compared to $1,143,785 for the six months ended June 30, 2009, an increase of $971,911 or 85%.
•Gross Margin for the six months ended June 30, 2010 was $881,566 compared to $659,064 for the six months ended June 30, 2009, an increase of $222,502 or 34%.
•Operating income for the six months ended June 30, 2010 was $27, 015 compared to $20,918 for the six months ended June 30, 2009, an increase of $6,097 or 29%.
•Net income for the six months ended June 30, 2010 was $36,896 compared to $9,117 during the six months ended June 30, 2009, an increase of $27,779 or 305%
Tom Meaney, Mikros President and CEO, said, "We are very pleased with the financial performance of the Company during the first half of 2010. We are on track to see our best year ever. With this exceptional quarter behind us, we are in an excellent position to capture the additional orders and opportunities available to us in the second half of this year and into the future. We have achieved this success by positioning Mikros as a provider of mission-readiness solutions for defense, security, and homeland defense markets. We have spent the past several years preparing for the increased focus on Operational Readiness being seen in the U.S. Navy and other defense agencies. We are confident that we have the talent, expertise, and products available to meet these developing requirements."
The Company will soon begin to deliver 27 Adaptive Diagnostic Electronic Portable Testset (ADEPT) systems for use on U.S. Navy Aegis Cruisers and Destroyers. These systems represent the initial order placed under the Company's $26 million contract, which was awarded this past March. Marc Dalby, Mikros VP Business Development and Operations, added: "We expect to receive new orders this year for additional ADEPT systems and engineering services. These new orders will help the Company develop and deliver ADEPT systems for use with other types of equipment and ships in the U.S. Navy. We remain committed to advancing the Small Business Innovative Research (SBIR) projects recently awarded, as well as submitting additional SBIR proposals this year that could result in future awards. We also see several emerging opportunities with our partners that could result in additional contract awards later this year."
Additional information regarding the Company's financial data may be found in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, filed with the U.S. Securities and Exchange Commission. The Form 10-Q may be accessed at www.sec.gov or at the Company's website at www.mikrossystems.com.
The Company will host an audio webcast at 10:00 AM ET, August 17, 2010, to review its second quarter results, project status, and related matters.
To access the live webcast, log on at:
http://investor.shareholder.com/media/eventdetail.cfm?eventid=84821&CompanyID=ABEA-4IA7CN&e=1&mediaKey=362B21947983FB924102BEEE2987DC23
NEYYF B 1.02 /A 1.09,had a bid in at 1.05 all day & got none!
NEYYF.PK or TSX:NNN,NiMin Energy Corp. Announces 2010 Second Quarter Results
CARPINTERIA, CALIFORNIA--(Marketwire - 08/12/10) - NiMin Energy Corp. (TSX:NNN - News)(Pinksheets:NEYYF - News)(PINK SHEETS:NEYYF - News) ("NiMin" or the "Company") today announced its financial results for the quarter ended June 30, 2010. Copies of the Company's financial statements and management's discussion and analysis ("MD&A") may be obtained on SEDAR at www.sedar.com.
Net loss for the quarter ended June 30, 2010, was $2,927,828 compared to a net loss of $4,310,816 for the quarter ended June 30, 2009. Loss per share for the quarter ended June 30, 2010, was $0.05 compared to $0.12 for the same period a year earlier.
For the quarter ended June 30, 2010, the Company reported gross revenues of $4.42 million, up from $2.12 million reported in the same period of 2009. The increased revenue is from a 49.5% increase in the volume of oil and natural gas produced, due in part to the addition of the producing properties in Wyoming, and a 32% increase in prices.
Operating netback increased to $1.70 million for the quarter ended June 30, 2010 from $0.27 million for the quarter ended June 30, 2009.
General and administrative ("G&A") expenses increased from $1.98 million in the prior year to $2.27 million in the quarter ended June 30, 2010. Before stock-based compensation expense, a non-cash accounting entry, the G&A expense for the quarter ended June 30, 2010 was $1.52 million compared to $0.94 million reported for the same period in 2009.
Depreciation, depletion, amortization and accretion ("DD&A") for the second quarter of 2010 decreased to $1.14 million from $1.76 million reported for the same period in 2009. This decrease in DD&A is primarily attributable to an increase in proven reserves associated with the acquisition of four fields in Wyoming in December 2009.
Highlights for the quarter ended June 30, 2010, include:-- In May 2010, NiMin completed a public offering of Common Shares at an offering price of CDN $1.25 per share. The Company issued 9,200,000 Common Shares for aggregate gross proceeds of CDN $11,500,000 or USD $11,018,492, net of CDN $989,260 or USD $947,840 of offering costs.-- On June 30, 2010, the Company entered into a senior secured loan (the "Senior Loan") in the amount of $36 million from a U.S. based institutional private lender (the "Lender"). At the request of the Company and subject to approval by the Lender, the Senior Loan may be increased to $75 million to provide additional development capital. The Senior Loan has a 12.5% fixed interest rate and a term of five years.
Management Comments
Mr. Clancy Cottman, Chairman and CEO, said, "During the latest quarter, we successfully restructured our balance sheet, which gives us the financial strength to grow our production significantly over the next few years through development drilling at our Wyoming properties. Our second and third wells have been drilled at the Ferguson Ranch field and are awaiting completion work. We expect to see production from these two wells in September. It is anticipated that we will drill a total of 12 wells in Wyoming in 2010."
Mr. Cottman continued, "In addition to Wyoming, we are also very excited about the long term implications of our Combined Miscible Drive ("CMD") process. The H-2 well continues to increase in production and is currently producing 122 barrels of oil per day ("bopd"), 68 bopd above the natural decline rate of the well. Continued increases in production in the Santa Margarita formation at our Pleito Creek Field demonstrate the effectiveness of the process. We will continue to evaluate new opportunities to apply the CMD process."
GTHP -- NORCROSS, Ga.--(BUSINESS WIRE)--Guided Therapeutics, Inc. (OTCBB: GTHP - News) today announced its operating results for the second quarter and first six months of 2010.
Service revenue for the second quarter of 2010 was $805,000, compared to revenue of $242,000 in the second quarter of 2009. For the six months ended June 30, 2010, revenue was $1.6 million versus $423,000 for the same period last year. The increase in revenue was primarily due to contracts relating to our core cancer detection technology.
The net loss available to common stockholders for the second quarter of 2010 was $559,000 or $0.02 per share, compared to a net loss available to common stockholders of $1.4 million, or $0.09 per share, in the comparable quarter of 2009. For the first six months of 2010, the net loss available to common stockholders was $3.6 million or $0.13 per share, compared to a net loss available to common stockholders of $2.8 million, or $0.18 per share, in the first half of 2009.
“We recently reached a major milestone with the successful completion of key laboratory tests for newest version of LightTouch,” said Mark L. Faupel, Ph.D., chief executive officer and president of Guided Therapeutics. “The tests, conducted by an independent third party, are necessary for filing the final FDA premarket approval application and for commercial distribution outside the U.S. If all goes well, we expect to complete the documentation and submit our premarket approval application to FDA prior to the end of the third quarter.”
“With the continued financial and technical support of our partner, Konica Minolta, we have assembled the U.S. team to develop the next generation product from our LightTouch platform. The product, for detecting and monitoring Barrett’s Esophagus, is a natural extension of our existing technology. Both Konica Minolta and we believe that the market for the product is a large and growing opportunity.
“Additionally during the quarter, we continued to execute on our plan to improve the company’s outlook by moving our stock up to the OTC Bulletin Board from the Pink Sheets and strengthened our board with the election of Dr. Jonathan M. Niloff as a director,” Dr. Faupel said.
About Guided Therapeutics
Guided Therapeutics, Inc. (OTCBB: GTHP) is developing a rapid and painless test for the early detection of disease that leads to cervical cancer. The technology is designed to provide an objective result at the point of care, thereby improving the management of cervical disease. Unlike Pap and HPV tests, the device does not require a painful tissue sample and results are known immediately. GT has also entered into a partnership with Konica Minolta Opto to develop a non-invasive test for Barrett’s Esophagus using the LightTouch technology platform. For more information, visit GT’s web site www.guidedinc.com.
The Guided Therapeutics LightTouch™ Cervical Scanner is an investigational device and is limited by federal law to investigational use.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. A number of the matters and subject areas discussed in this news release that are not historical or current facts deal with potential future circumstances and developments. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from Guided Therapeutics’ actual future experience involving any of or more of such matters and subject areas. Such risks and uncertainties include: the early stage of products in development, the uncertainty of market acceptance of products, the uncertainty of development or effectiveness of distribution channels, the intense competition in the medical device industry, the uncertainty of capital to develop products, the uncertainty of regulatory approval of products, dependence on licensed intellectual property, as well as those that are more fully described from time to time under the heading “Risk Factors” in Guided Therapeutics’ reports filed with the SEC, including Guided Therapeutics’ Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and subsequent quarterly reports.
http://finance.yahoo.com/news/Guided-Therapeutics-Reports-bw-3594859860.html?x=0&.v=1
I love my cigar but I take it out of my mouth sometimes.
-- Groucho Marx
HEAT-SmartHeat Inc. Announces Record Second Quarter 2010 Financial Results - 82% Revenue Growth, 30% Net Income Growth, Affirms Guidance for 2010
NEW YORK, Aug. 12 /PRNewswire-Asia/ -- SmartHeat Inc. (Nasdaq: HEAT; website: www.smartheatinc.com), a market leader in China's clean technology, energy savings industry today announced record financial results for the second quarter ended June 30, 2010. SmartHeat management is scheduled to host an investor conference call today at 9:00 a.m. EDT on August 12, 2010.
Financial Highlights:
Revenues of $22.77 million, up 82% from 2Q09
Operating income of $4.00 million, up 31% from 2Q09
Net income of $3.39 million up 30% from 2Q09
Better than Expected Sales from Heat Exchangers
Financial Summary:
YoY %
2Q10
2Q09
Change
Revenue
$22,767,593
$12,498,395
82.16%
Gross Profit
$7,781,334
$4,524,439
71.98%
Gross Profit Margin
34.18%
36.20%
Operating Income
$4,004,890
$3,055,210
31.08%
Operating Margin
17.59%
24.44%
Net Income
$3,391,670
$2,617,549
29.57%
Net Margin
14.90%
20.94%
Diluted EPS
$0.10
$0.11
Revenues
In the second quarter of 2010, total sales increased 82.16% to $22.77 million compared to $12.50 million in 2Q09. The higher sales came from all three of the Company's product lines, and benefited from the continued governmental stimulus in energy-saving industry, strong economic recovery in China and our successful market expansion.
The breakdown of revenues for the second quarter of 2010 was $22.24 million from PHE units and Heat Exchangers, with sales from PHE units up approximately 19%, compared to 2Q09 and sales from Heat Exchangers up approximately 204% compared to 2Q09. Sales from heat meters were up approximately 60% from 1Q10 and accounted for approximately $0.5 million in revenues for the quarter.
The following table presents the revenue contribution by percentage for each major product line in 2Q10 in comparison with 2Q09.
Percent of Total Revenues
Product Line
2Q10
2Q09
Plate Heat Exchange Unit
41.79%
63.83%
Heat Exchanger
55.87%
33.51%
Heat Meters
2.34%
2.67%
Total
100%
100%
Net Income
Net income in the quarter totaled $3.39 million ($0.10 per diluted share), up 29.57% from $2.62 million ($0.11 per diluted share) in 2Q09. The higher net income was primarily driven by higher sales across all product lines. Diluted earnings per share in 2Q10 decreased compared to 2Q09 even though net income increased because of our secondary offering in the third quarter of 2009.
Gross Profit Margin
The gross margin for 2Q10 was 34.18% down from 36.20% in 2Q09, primarily due to higher than expected revenues from the Heat Exchanger business, which reduced our overall margins for this period. The percentage of total sales from heat exchangers increased to approximately 55.87% in 2Q10 from approximately 33.51% in 2Q09.
Higher revenues from this category were due to our diversification sales strategy, which has focused on strengthening our market position in the heat exchanger sector, a sector that has more competition from local and international players.
Based on existing backlog, the Company expects gross margins to return to higher levels in the third quarter of 2010 because we expect to increase the number of PHE units sold as a percentage of sales in 3Q10.
Operating Income
Operating income totaled $4.00 million, compared with $3.06 million in 2Q09, representing a 31.08% year over year growth. Higher operating income was mainly due to increased sales of all major product lines. Total operating expenses including selling, general and administrative ("SG&A") expenses totaled $3.78 million, compared with $1.47 million a year ago. Operating margin was 17.59% compared with 24.44% a year ago. The decline of operating margin was mainly due to increased sales and expansion of our business, including the hiring of more sales personnel, higher depreciation expense, training the marketing team, establishing new sales offices in more regions of China and restructuring our sales and distribution channels. We anticipate a lower percentage of operating expenses with bigger scale of sales in the next financial quarter and therefore higher operating margin.
Reaffirms Full Year 2010 Earnings Guidance
SmartHeat reaffirms its full year 2010 earnings guidance of $20 million to $22 million in net income and $106 million to $116 million in revenues.
Our sales of Heat Exchangers have increased more than expected in the first half with all product lines showing increases in revenues. We are pleased to maintain the annual guidance previously provided.
Outlook
Mr. James Jun Wang, Chairman and Chief Executive Officer of Smart Heat Inc., commented that: "We maintained the momentum from the first quarter of 2010 and delivered another set of strong results. We thank our hard working employees, who are dedicated to executing our operational strategy. We are quite pleased to see the significant business expansion to West China, are very satisfied with the growth across all our existing business lines and the benefits we expect to receive in restructuring our sales and distribution channels."
"Government requirements to implement energy savings and emission reduction have increased the demand of our energy-saving products in all industrial sectors. Taking advantage of economic development in West China and urbanization trends throughout China will continue to be part of our long-term strategy. Based on the successful expansion to West China's market and some second and third tier cities, SmartHeat is well positioned to reap significant benefits," concluded Mr. Wang.
Investor Conference Call Instructions:
SmartHeat management will host an earnings conference call today to discuss its second quarter financial results and outlook.
Date and time: 9:00 a.m. U.S. Eastern Daylight Time, August 12, 2010
U.S. toll free number: +1-888-419-5570
International direct dial-in: +1-617-896-9871
Conference passcode: 91720755
About SmartHeat Inc.
Founded by James Jun Wang, a former executive at Honeywell China, SmartHeat Inc. (www.smartheatinc.com) is a NASDAQ Global Market listed (NASDAQ: HEAT) US company with its primary operations in China. SmartHeat is a market leader in China's clean technology energy savings industry. SmartHeat manufactures heat exchangers, custom plate heat exchanger units (PHE Units) and heat meters. SmartHeat's products directly address air pollution problems in China where massive coal burning for cooking and heating purposes is the only source of economical heat energy in China. With broad product applications, SmartHeat's products significantly reduce heating costs, increase energy use and reduce air pollution. SmartHeat's customers include global Fortune 500 companies as well as municipalities and industrial/residential users. China's heat transfer market is currently estimated at approximately $2.4 billion with double-digit annual growth according to China Heating Association.
Safe Harbor Statement
MKRS-Mikros Systems Corporation to Announce 2010 Year to Date Results and Host Audio Webcast
"PRINCETON, N.J., Aug 12, 2010 /PRNewswire via COMTEX/ -- Mikros Systems Corporation (MKRS) will host an audio webcast at 10:00 AM ET, August 17, 2010, to review year to date financial results.
To access the live webcast, log on at: http://investor.shareholder.com/media/eventdetail.cfm?eventid=84821&CompanyID=ABEA-4IA7CN&e=1&mediaKey=362B21947983FB924102BEEE2987DC23
To participate in the call, dial (877) 312-5415
For comments and feedback, contact info@mikrossystems.com "
Asian shares slide on signs of slowing growth
Asian shares slide on signs of slowing global growth; Europe gains after tumble
ShareretweetEmailPrintTopics:International
A man walks past the share prices board of a securities firm in Tokyo, Thursday, Aug. 12, 2010. Japan's Nikkei 225 tumbled 187.65 points, or 2.0 percent, to end the Thursday morning trading session at 9,105.20. Asian stock markets are lower after a host of bad financial news sent stocks tumbling in the U.S. and Europe. (AP Photo/Koji Sasahara)
On Thursday August 12, 2010, 4:22 am EDT
BANGKOK (AP) -- Asian markets tumbled Thursday as investors dumped riskier assets like stocks amid growing evidence the world economic recovery is stumbling. European shares posted moderate gains after a big drop the day before.
The third day of losses in Asia came after steep falls on Wall Street that were triggered by troubling economic news. The U.S. trade deficit widened in June to its highest level in 20 months as exports fell -- a sign of a slowdown in manufacturing and sputtering recovery in the world's No. 1 economy.
Indicators from China, an important engine of growth within Asia, have also been discouraging. Expansion in imports, factory production, retail sales and new investment have all slowed, suggesting China's rapid rebound from the global recession is cooling.
The bad news from the U.S. and Asia combined with a moribund European economy has contributed to fears that the world economy will slip into recession again.
"The global economy is uncertain but it is not to the extent that a recession as deep as the one in 2008 will return," said Lim Ji-won, economist at JP Morgan in Seoul.
As trading got underway in Europe, France's CAC-40 was up 0.3 percent, Germany's DAX added 0.2 percent and Britain's FTSE 100 rose 0.3 percent. Wall Street was set for a small rise with Dow futures gaining 16 points, or 0.2 percent, to 10,353. Broader S&P futures were higher by 1.9, or 0.2 percent, at 1,086.90.
In Japan, a strong yen that is adding to the challenges faced by the country's exporters continued to weigh on stocks. The benchmark Nikkei 225 stock average shed 80.26 points, or 0.9 percent, to 9,212.59.
South Korea's Kospi dived 2.1 percent to 1,721.75, Australia's S&P/ASX 200 fell 1.2 percent to 4,400.90 and Hong Kong's Hang Seng retreated 0.9 percent to 21,105.71.
The Shanghai Composite Index dropped 0.7 percent to a two-week low of 2,575.48. Taiwan, India, Singapore, Malaysia and Indonesia were among other losing markets.
The Dow Jones industrial average on Wednesday fell 2.5 percent to 10,378.83, its largest slide since June 29. The broader Standard & Poor's 500 index tumbled 2.8 percent, and the Nasdaq composite index fell 3 percent. All the major U.S. indexes are now showing losses for the year.
In currencies, the dollar regained some ground against the yen, rising to 85.62 from 85.16 in New York late Wednesday. The euro rose to $1.2917 from $1.2850.
Benchmark crude for September deliver was down 9 cents at $77.93 in electronic trading on the New York Mercantile Exchange. The contract slid $2.23 to settle at $78.02 on Wednesday.
Associated Press writer Sangwon Yoon
Homes lost to foreclosure up 6 pct from last year
Home repossessions surged in July, but pace of new home loan defaults continued to slow
ShareretweetEmailPrintAlex Veiga, AP Real Estate Writer, On Thursday August 12, 2010, 3:47 am EDT
LOS ANGELES (AP) -- The number of U.S. homes lost to foreclosure surged in July, another sign lenders are moving quicker to take back properties from homeowners behind in payments.
Lenders repossessed 92,858 properties last month, up 9 percent from June and an increase of 6 percent from July 2009, foreclosure listing firm RealtyTrac Inc. said Thursday.
Banks have stepped up repossessions this year to clear out the backlog of bad loans. July makes the eighth month in a row that the pace of homes lost to foreclosure has increased on an annual basis.
Meanwhile, homeowners who are falling behind on their payments are being allowed to stay in their homes longer because lenders are reluctant to add to the glut of foreclosed homes on the market.
The number of properties receiving an initial default notice -- the first step in the foreclosure process -- rose 1 percent last month from June, but tumbled 28 percent versus July last year, RealtyTrac said.
Initial defaults have fallen on an annual basis the past six months.
The latest data reflect a foreclosure crisis that continues to drag on as many homeowners struggle to make their monthly payments amid high unemployment, slow job growth and an uneven rebound in home prices.
Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures. Initially, lax lending standards were the culprit, but homeowners with good credit who took out conventional, fixed-rate loans are now the fastest growing group of foreclosures.
Lenders are offering a variety of programs to help homeowners modify their loans, but their success rates vary. Hundreds of thousands of homeowners can't qualify or fall back into default.
The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. More than 40 percent, or about 530,000 homeowners, have fallen out of the administration's main effort to assist those facing foreclosure.
That program, known as Making Home Affordable, has provided permanent help to about 390,000 homeowners, or 30 percent of the 1.3 million who have enrolled since March 2009.
Still, RealtyTrac estimates more than 1 million American households are likely to lose their homes to foreclosure this year.
In all, 325,229 properties received a foreclosure-related warning in July, up 4 percent from June, but down 10 percent from the same month last year, RealtyTrac said. That translates to one in 397 U.S. homes.
The firm tracks notices for defaults, scheduled home auctions and home repossessions -- warnings that can lead up to a home eventually being lost to foreclosure.
Among states, Nevada posted the highest foreclosure rate in July, with one in every 82 households receiving a foreclosure notice. The number of properties in Nevada receiving a foreclosure warning last month rose nearly 7 percent from June, but fell nearly 30 percent from the same month last year.
Rounding out the top 10 states with the highest foreclosure rate last month were: Arizona, Florida, California, Idaho, Michigan, Utah, Illinois, Georgia and Maryland.
Las Vegas continued to be the city with the highest foreclosure rate in the U.S., with one in every 71 homes receiving a foreclosure notice in July -- more than five times the national average.
INTT-inTEST Reports Second Quarter 2010 Results
Intest (NASDAQ:INTT)
Intraday Stock Chart
Today : Thursday 12 August 2010
inTEST Corporation (NASDAQ: INTT), an independent designer, manufacturer and marketer of semiconductor automatic test equipment (ATE) interface solutions and temperature management products, today announced results for the quarter ended June 30, 2010.
Net revenues for the quarter ended June 30, 2010 were $15.3 million, compared to $9.5 million for the first quarter of 2010. Net income for the quarter ended June 30, 2010 was $3.2 million or $0.31 per diluted share, compared to $1.1 million or $0.11 per diluted share for the first quarter of 2010. Bookings for the quarter ended June 30, 2010 were $12.2 million, compared to $14.0 million in bookings for the first quarter of 2010.
Robert E. Matthiessen, President and Chief Executive Officer of inTEST, commented, "This was another strong quarter for us. Our business continues to perform at quarterly revenue levels not seen in several years, with quarterly net income approaching an historic high for our company given the operating leverage now in our business. In our preliminary release from July 27th, I stated that we were seeing a slight pullback in ordering activity. In fact, since that time, our bookings rate has again accelerated and in some cases the quoting level has increased dramatically. This variability in our order rate has made this upturn a challenge to predict; however we are now of the opinion that the up-cycle in the semiconductor business is continuing. Given the expected continued variability in the semiconductor industry, we also continue to evaluate other strategic opportunities as a normal course of business. We are optimistic in our business outlook based on customer sentiment and demand."
Financial Outlook:
The Company expects that net revenues and net income for the third quarter ended September 30, 2010 will be between the levels achieved in the first and second quarters of 2010 due to the reduced bookings in the second quarter of 2010. The above outlook is based on the Company's current views with respect to operating and market conditions and customers' forecasts, which are subject to change.
Investor Conference Call / Webcast Details:
There will be a conference call with investors and analysts this evening at 5:00 pm EDT to discuss the Company's second quarter 2010 results and management's current expectations and views of the industry. The call may also include discussion of strategic, operating, product initiatives or developments, or other matters relating to the Company's current or future performance.
The dial-in number for the live audio call beginning at 5 p.m. EDT on August 11, 2010 is +1-201-689-8470. A live web cast of the conference call will be available on inTEST's website at www.intest.com. A replay of the call will be available 2 hours following the call through midnight on Wednesday, August 18, 2010 at www.intest.com and by telephone at +1-858-384-5517. The conference ID number to access the replay is 354030.
About inTEST Corporation
inTEST Corporation is an independent designer, manufacturer and marketer of ATE interface solutions and temperature management products, which are used by semiconductor manufacturers to perform final testing of integrated circuits (ICs) and wafers. The Company's high-performance products are designed to enable semiconductor manufacturers to improve the speed, reliability, efficiency and profitability of IC test processes. Specific products include positioner and docking hardware products, temperature management systems and customized interface solutions. The Company has established strong relationships with semiconductor manufacturers globally, which it supports through a network of local offices. For more information visit www.intest.com.
Forward-Looking Statements:
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not convey historical information, but relate to predicted or potential future events that are based upon management's current expectations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In addition to the factors mentioned in this press release, such risks and uncertainties include, but are not limited to, changes in business conditions and the economy, generally; changes in the demand for semiconductors, generally; changes in the rates of, and timing of, capital expenditures by semiconductor manufacturers; progress of product development programs; increases in raw material and fabrication costs associated with our products; implementation of additional restructuring initiatives; costs associated with compliance with the Sarbanes Oxley Act of 2002 and other risk factors set forth from time to time in our SEC filings, including, but not limited to, our periodic reports on Form 10-K and Form 10-Q. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
SELECTED FINANCIAL DATA
(Unaudited)
(In thousands, except per share data)
Condensed Consolidated Statements of Operations Data:
Three Months Ended Six Months Ended
------------------------------- --------------------
6/30/2010 6/30/2009 3/31/2010 6/30/2010 6/30/2009
--------- --------- --------- --------- ---------
Net revenues $ 15,260 $ 4,672 $ 9,529 $ 24,789 $ 9,067
Gross margin 7,368 1,416 4,537 11,905 2,219
Operating expenses:
Selling expense 1,754 1,036 1,229 2,983 2,173
Engineering and
product
development
expense 787 576 701 1,488 1,333
General and
administrative
expense 1,653 1,374 1,481 3,134 3,058
Restructuring
and other
charges - 269 - - 329
Operating income
(loss) 3,174 (1,839) 1,126 4,300 (4,674)
Other expense (8) (121) (11) (19) (40)
Income (loss) before
income taxes 3,166 (1,960) 1,115 4,281 (4,714)
Income tax expense
(benefit) (2) (8) 3 1 (7)
Net income (loss) 3,168 (1,952) 1,112 4,280 (4,707)
Net income (loss)
per share - basic $ 0.32 $ (0.20) $ 0.11 $ 0.43 $ (0.47)
Weighted average
shares outstanding
- basic 10,007 9,973 9,993 10,000 9,965
Net income (loss)
per share - diluted $ 0.31 $ (0.20) $ 0.11 $ 0.42 $ (0.47)
Weighted average
shares outstanding
- diluted 10,186 9,973 9,999 10,093 9,965
Condensed Consolidated Balance Sheets Data:
As of:
--------------------------------
6/30/2010 3/31/2010 12/31/2009
---------- ---------- ----------
Cash and cash equivalents $ 3,134 $ 2,873 $ 2,647
Trade accounts receivable, net 10,704 6,539 5,413
Inventories 3,176 3,617 3,064
Total current assets 17,219 13,425 11,501
Net property and equipment 235 284 297
Total assets 20,935 17,264 15,144
Accounts payable 2,899 3,055 2,576
Accrued expenses 3,431 2,726 2,156
Total current liabilities 6,843 6,300 5,249
Noncurrent liabilities 1,242 1,272 1,301
Total stockholders' equity 12,850 9,692 8,594
CONTACTS:
Hugh T. Regan, Jr.
Treasurer and Chief Financial Officer
inTEST Corporation
Tel: 856-424-6886, ext 201
David Pasquale
Global IR Partners
Email Contact
Tel: 914-337-8801
ECNG-EnergyConnect Group, Inc. Reports Second Quarter 2010 Results
Energyconnect Grp. (BB) (OTCBB:ECNG)
Intraday Stock Chart
Today : Wednesday 11 August 2010
EnergyConnect Group, Inc. (OTCBB:ECNG), a leading provider of smart grid demand response (DR) services and technologies, reported results for its second quarter and six-months ended July 3, 2010.
Kevin Evans, EnergyConnect’s president and CEO said, “We are pleased with our continuing progress and the performance of our capacity portfolio. In the second quarter of 2010, we generated revenue of $6.4 million, driving year-to-date revenue growth to 54%. We are also very encouraged by the positive response from PJM and our customers with GridConnect.”
Second Quarter Financial Results
Revenue for the second quarter of 2010 was $6.4 million, compared to $7.5 million in the second quarter of 2009, which included $3.3 million of capacity transactions. There were no capacity transactions in the second quarter of 2010. Net loss for the second quarter 2010 was $1.1 million, or $(0.01) per share, compared to net income of $601,000, or $0.01 per diluted share in the second quarter 2009. Non-GAAP Adjusted EBITDA loss was $559,000, compared to Non-GAAP Adjusted EBITDA income of $1.3 million in the second quarter 2009.
Six Months Ended June 30, 2010 Financial Results
For the first half of 2010, revenue was $13.5 million, which includes $6.6 million in capacity transactions, compared to $8.7 million for the first half of 2009, which included $4.1 million in capacity transactions. Net income for the first half of 2010 was $992,000, or $0.01 per diluted share, compared to net loss of $1.5 million, or $(0.02) per share in the first half of 2009. Non-GAAP Adjusted EBITDA income was $2.0 million, compared to Non-GAAP Adjusted EBITDA loss of $482,000 for the first half of 2009.
Company Outlook
Andrew Warner, EnergyConnect’s CFO, said, “The business results for the first half were on track with our expectations. Given those results, combined with positive market conditions, we now expect annual revenue growth of between 40% and 45% over last year, up from prior guidance of between 35% and 40% growth. We remain confident in our goal to deliver positive Non-GAAP Adjusted EBITDA for 2010.”
Discussion of Non-GAAP Financial Measures
The company intends to utilize a number of different financial measures, both GAAP and Non-GAAP, in analyzing and assessing the overall business performance, for making operating decisions and for forecasting and planning future periods. The company considers the use of Non-GAAP financial measures helpful in assessing the current financial performance and prospects for the future. While the company intends to use Non-GAAP financial measures as a tool to enhance the understanding of certain aspects of the financial performance, the company does not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, the company believes that disclosing Non-GAAP financial measures provides useful supplemental data that, while not a substitute for GAAP financial measures, allows for further transparency in the review of the financial and operational performance.
The company believes that Non-GAAP Adjusted EBITDA is used by investors and analysts as an alternative to GAAP measures when evaluating the performance in comparison to other companies. In order to fully assess the financial operating results, the company believes that Non-GAAP Adjusted EBITDA will be an appropriate measure of evaluating the operating performance, because it eliminates the effects of financing and accounting decisions. This measure is also significant to institutional lenders, and is considered an important internal benchmark of the performance. The company intends to use Non-GAAP Adjusted EBITDA to measure the performance against internal performance targets, which are based on Non-GAAP Adjusted EBITDA. In addition, the company intends to further exclude stock-based compensation and other non-cash charges in calculating Non-GAAP Adjusted EBITDA. The company believes excluding stock-based compensation and other non-cash charges, allows for greater transparency in the review of the financial and operational performance.
COVR-Cover-All Technologies Inc. Announces Record YTD Revenue, 14th Consecutive Profitable Quarter
Cover-All Techs (BB) (OTCBB:COVR)
Intraday Stock Chart
Today : Wednesday 11 August 2010
Cover-All Technologies Inc. (OTC Bulletin Board: COVR), a Delaware corporation (“Cover-All” or the “Company”), today announced financial results for the second quarter and six months ended June 30, 2010. The results reflect the contribution of Moore Stephens Business Solutions (MSBS), which was acquired on April 12, 2010, and includes approximately $285,000 in acquisition expenses, which were reported in the first quarter of 2010.
Operational Highlights:
For the six months ended June 30, 2010 revenue was $8.4 million compared to $5.8 million for the first half of 2009, an increase of 45.8%.
Continuing revenue (maintenance and ASP revenue from contracts) for the first six months of 2010 was $4.0 million, up 14% compared to $3.5 million for the same period in 2009.
Total expenses (cost of revenue and operating expenses) for the first six months of 2010 grew slower than revenue, to $7.0 million (inclusive of $285,000 in one-time acquisition expense), which is up 34% compared to $5.2 million in the first half of 2009.
Operating income for the six months ended June 30, 2010 was $1.5 million (inclusive of the $285,000 in one-time acquisition expense), up 145% compared to $598,000 in the first half of 2009, as operating income grew at a rate more than three times as fast as total revenue, demonstrating the leverage in the Company’s business model.
The Company’s balance sheet remains strong with stockholders’ equity at a record $13.2 million as of June 30, 2010. The Company completed the first half of 2010 with $4.7 million in cash, $5.6 million in working capital and $200,000 of long term debt.
During the quarter ended June 30, 2010, Cover-All acquired Moore Stephens Business Solutions LLC (MSBS) for $2.45 million in cash, 18-month notes and equity, with no assumed debt or liabilities. On a trailing 12 months basis, MSBS had generated approximately $6 million in revenue and the acquisition has been accretive to earnings in the second quarter of 2010.
CYPB-Ramius Sends Letter to the Board of Cypress
Cypress Bioscience (NASDAQ:CYPB)
Intraday Stock Chart
Today : Wednesday 11 August 2010
Ramius Value and Opportunity Advisors LLC, a subsidiary of Ramius LLC (collectively, "Ramius"), today announced that it delivered a letter to the Board of Directors of Cypress Bioscience, Inc. ("Cypress" or "the Company") (Nasdaq: CYPB). In the letter, Ramius reiterated its offer to acquire the Company for $4.00 per share in cash plus a potential 50% interest in BL-1020 for total implied consideration of $4.39 per share. Ramius clarified the terms of its acquisition proposal and expressed a willingness to consider raising the value of its acquisition proposal in the event that Ramius is granted limited due diligence and the Company agrees to negotiate in good faith around consummating a transaction.
Ramius further stated that it believes the Company's current strategy will destroy significant shareholder value and that instead of engaging in a meaningful dialogue around maximizing value for shareholders, the Company has instead chosen to hide behind self-serving and inaccurate statements around Ramius' proposal and the views of shareholders.
Ramius Partner Managing Director Jeffrey C. Smith stated, "The clear message we have received from a large number of shareholders is that shareholders want maximum value for their shares now through a negotiated transaction and that this is clearly a better alternative than management continuing with its current strategy."
Mr. Smith went on to say, "We continue to be ready, willing and able to engage in meaningful negotiations with the Company to structure a transaction that will maximize value for all shareholders."
The full text of the letter follows:
Dear Jean-Pierre Millon:
Ramius Value and Opportunity Advisors LLC, together with its affiliates (collectively, "Ramius"), has reviewed the press release issued by Cypress Bioscience Inc. ("Cypress" or the "Company") on August 6, 2010. We remain committed to pursuing an acquisition of Cypress and are extremely disappointed that the Company has not taken us up on our recent offer to engage in meaningful negotiations. We are also in receipt of your letter dated August 5, 2010 claiming that our acquisition proposal "grossly undervalues [Cypress'] current business and future prospects" and that the Company "will continue to consider seriously any bona fide acquisition proposal or other transaction…." Although we fail to see how a proposal representing over a 60% premium to the unaffected stock price could grossly undervalue the Company, let us remind you that we have already expressed our willingness to allow for a "go shop" period in a definitive agreement or to participate in an auction process to ensure that shareholders receive fully negotiated, full and fair value for their shares. A process structured in either way should address your concerns and provide the Board with comfort that shareholders will receive maximum value. We have expressed to your financial advisors on multiple occasions that we would be willing to discuss raising the value of our acquisition proposal in the event that we are granted limited due diligence and the Company agrees to negotiate in good faith around consummating a transaction.
Based upon information available to us today, we continue to believe that our proposal to acquire the Company provides full and fair value to shareholders and is a far better alternative to the Company's current misguided and poorly executed strategy. The Company's current plan to pursue highly speculative acquisitions is fraught with risk, will deplete the Company's cash resources, and we believe it will continue to destroy shareholder value. Based on the Company's stock price performance prior to our acquisition proposal, clearly most shareholders agree.
Instead of engaging in a meaningful dialogue with us, the Company has chosen to hide behind self-serving and inaccurate statements regarding our proposal to acquire the Company. Our proposal is not just $4.00 per share in cash. As clearly stated in our letter to the Company dated July 19, 2010, in addition to $4.00 per share in cash, our proposal also includes a willingness to consider an acquisition structure that would allow shareholders to retain a 50% interest in BL-1020 if management or a third party is willing to fund the costs of the Phase IIb trial. Assuming management and the Board continue to believe that Cypress paid a fair price of $30 million for the US licensing rights to BL-1020, our proposal for existing shareholders to retain a 50% interest in the drug would imply additional value of at least $0.39 per share in excess of our $4.00 cash proposal, for total implied consideration of $4.39 per share. This represents a premium of at least 76% to the unaffected stock price on the day prior to our acquisition proposal. We fail to see how management, the Board, and its advisors could reject such a high premium proposal without engaging in meaningful negotiations or providing us with additional due diligence information to allow us to consider revising our offer.
ITRO - Itronics 2010 Second Quarter Revenues Are Second Best Quarter in Company History Marketwire "Press Releases "
RENO, NV -- (MARKET WIRE) -- 08/10/10 -- Itronics Inc. (PINKSHEETS: ITRO) reported today that silver revenues for the second quarter increased 24 percent, primarily due to higher prices of the commodity, compared to the 2009 second quarter. Recently the Company announced that it expects between a 50 percent and 100 percent increase in the third quarter compared to the 2009 third quarter, depending upon silver prices and the timing of silver settlements. Also, this expected increase does not include a contribution from the Stage I refinery expansion which is expected to be in start up mode in September.
The Company announced that 2010 second quarter revenues are the second best quarter in the Company's history. Revenue growth for fertilizer in the second quarter was affected by wet soil conditions in California's central valley and coastal areas, the Company's primary fertilizer market.
"This year the Company was able to fill fertilizer orders on a timely basis during the spring season for the first time since 2007. This was a real operational success. GOLD'n GRO fertilizer sales for the third quarter are expected to increase compared to the 2009 third quarter," said Dr. John Whitney , Itronics President. "An expanded customer base is expected to produce GOLD'n GRO fertilizer sales increases in the second half of 2010."
Unaudited revenues for the second quarter and first half ended June 30, 2010 , together with comparative figures for 2009, are presented below:
ITRONICS INC. For the Quarter For the 6 Months Ended June 30 Ended June 30 2010 2009 2010 2009 REVENUE Fertilizer $1,121,507 $1,212,499 $1,477,756 $1,691,259 Silver $ 193,188 $ 155,188 $ 217,084 $ 483,803 Photo Services $ 27,259 $ 28,939 $ 50,807 $ 71,053 Mining Technical Services $ 633 $ 4,550 $ 3,163 $ 27,691 Total Revenues $1,342,587 $1,401,176 $1,748,810 $2,273,806
About Itronics
Headquartered in Reno, Nevada , Itronics is a Cleantech Specialty Fertilizer and Silver Company that produces the Award Winning GOLD'n GRO liquid fertilizers and pure silver bullion. Itronics , through its subsidiary, Itronics Metallurgical, Inc. , is the only company with a fully permitted "Beneficial Use photochemical, Silver, and Water Recycling " plant in the United States that converts spent photoliquids into pure silver and GOLD'n GRO liquid fertilizers. The Company is developing environmentally compatible mining technology, provides project planning and technical services to the gold mining industry, and operates the popular InsideMetals.com web site, http://www.insidemetals.com, which provides a value-added WORLD VIEW of Gold Producer Stocks, Mineral Producer Stocks, Junior Gold Stocks , and Junior Mineral Stocks.
Itronics has received numerous domestic and international awards that recognize its ability to successfully create and implement new environmentally clean recycling and fertilizer technologies.
The Company's environmentally friendly GOLD'n GRO liquid fertilizers, which are extensively used in agriculture, can be used for lawns and houseplants, and are available, along with liquid fertilizer injectors, at the Company's "e-store" catalog at http://goldngro.com. The popular Silver Nevada Miner bars are available at the Company's "e-store" catalog at http://www.itromet.com.
VISIT OUR WEB SITE: http://www.itronics.com
("Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission . The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.)
Contact: Paul Knopick 888-795-6336
NEIK -Northstar Electronics Provides Shareholder Update
9:00a ET August 11, 2010 (Business Wire)
Northstar Electronics, Inc. (OTCBB: NEIK), a company that specializes in engineering, systems integration and contract manufacturing for the aeronautics, defense and homeland security industries, today issued a shareholder update on the company's activities. The update is available on the company's website, http://www.northstarelectronics.com/.
The company continues to await formal confirmation of a large add-on order from one of its major customers, as well as several smaller orders from existing and new customers, which, when received, should increase the company's backlog to over US$16.5 million. The company has been invited to bid on what we estimate to be another US$16.6 million worth of contract work.
"Despite our recent public silence, which is due in part to seasonal factors, we are most optimistic about ongoing business developments at the company," said Dr. Wilson Russell, Northstar's CEO. "Although we haven't received the final paperwork, we have been advised in writing that new orders from our customers are in process. We are also working on some very exciting corporate initiatives that we will disclose to the public markets as soon as they are finalized. We are highly confident in meeting our short term goals, the first -- continue to increase revenues, which have almost doubled this past two years, the second -- increase our prospective contract pipeline, and the third -- continue performance improvements to bring us to profitability. This is a dynamic growth period for Northstar and we thank our loyal shareholders for their patience and support."
For further information contact Beverly Jedynak, Media Relations, Martin E. Janis & Company, Inc., 312-943-1123, bjedynak@janispr.com and/or Rich Kaiser, Investor Relations, YES INTERNATIONAL, yes@yesinternational.com, #800-631-8127
About Northstar Electronics, Inc.
Northstar Electronics Inc., through its subsidiaries, Northstar Network Ltd. and Northstar Technical Inc., provides engineering, systems integration, prototyping and production services to the defense, aerospace and Homeland Security industries. www.northstarelectronics.com
Safe Harbor: Included in release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. Although the Company believes such expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove correct. The Company's actual results could differ materially.
SOURCE: Northstar Electronics, Inc.
Beverly Jedynak
Media Relations
Martin E. Janis & Company, Inc.
312-943-1123
bjedynak@janispr.com
or
Rich Kaiser
Investor Relations
YES INTERNATIONAL
yes@yesinternational.com
800-631-8127
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Breaking news or Company updates etc.,Shouldn't have to pay for a news feed. imho Please enter stock symbol at beginning of post. Thank You
Safe Harbor: Included in release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934,
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